A crypto trader posted more than 16x gains and made millions from a Donald Trump-inspired memecoin that has exploded in value this year.
The crypto tracker Lookonchain notes that a wallet probably belongs to the pseudonymous trader Giant rebirth spent 540,700 of the top stablecoin USDT in November and December 2023 to buy 1.08 million MAGA (TRUMP) at an average price of $0.5.
The same wallet deposited all 1.08 million TRUMP on the BTSE exchange this weekend, making a profit of approximately $8.3 million.
Also take a look at Chain notes that another wallet tagged “GCR: Address 1” still contains 936,279 TRUMP worth $7.23 million, with profits of over $6.5 million. Gigantic Rebirth is also called GCR.
TRUMP is trading at $7.21 at the time of writing and is down more than 9.5% in the last 24 hours. The 191st-ranked crypto asset by market capitalization rose in value over the weekend after former President Trump survived an assassination attempt.
The memecoin is up more than 63,000% from its all-time low of $0.01136, which it reached in mid-October.
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Generated image: Midjourney